Injective Protocol is currently consolidating within an ascending triangle on its daily chart, exhibiting bullish divergence and drawing attention from traders anticipating a potential breakout. With price hovering near $12.53, it shows short-term trading range between the support of around $12.30 and resistance at $13.00. 1.25 Billion dollar market cap reflects a stable foundation for Injective Protocol.
Technical analysts highlight Injective’s ascending triangle structure, with its formation since March. This pattern showcases steady accumulation and decreasing volatility, leading to an upward trend. The strong support from the ascending trendline is expected to facilitate breakout activity.
Momentum indicators provide further validation for the bullish outlook. RSI data shows bullish divergence, indicating potential price growth despite minimal moves in recent time frame. This pattern is a known precursor for upside breakouts within triangle patterns.
Injective Protocol’s current trading range and market dynamics are closely monitored. A breakout above $13.00 would signal positive trend; conversely, if the price falls below $12.30, potential for further declines may arise.
The token’s market capitalization of $1.25B indicates a relatively stable market structure, and its nearly fully circulated supply at 99.97M out of the 100M maximum provides long-term stability against dilution risks. However, recent trading volume has decreased by 10.27% to $83.31M; this may contribute to consolidation.
However, the ascending triangle structure continues to provide structural support and could facilitate a breakout.